Setting up 1099 forms

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Quickbooks Pro will let you set up a 1099 form so that you can file taxes and send your vendors your information per IRS legal specifications. In this online tutorial, you will find information on how to set up forms for vendors and consultants if you paid out $600 or more over the course of the year.

A 1099 is a tax form that you need to file with your taxes and send to…your vendors and consultants who you paid a…certain amount of money to in the previous year.…The IRS laws will tell you what that amount…threshold is to which you have to send a 1099.…For example, if you must send 1099s to any vendor…or consultant to which you paid at least $600 or…more during the previous year, then with just a few…things in place, QuickBooks can keep track of this for you.…Here's what has to be in place to file and send your 1099s.…Let's take our tasting parties as an example.…

Remember, I sent a consultant out that works at the restaurant…called Olive Works to do all of our olive oil tasting parties.…If I paid that consultant enough over the course of…last year, then I need to send them a 1099.…The first thing that needs to happen is that…vendor needs to be marked as eligible for 1099.…I'll select…Vendors to get into the vendor area. And then I'll double-click on my vendor.…Change to the Tax Setting area.…And place a check box next to the fact that the vendor is eligible for a 1099.…

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Author

Released

11/19/2013

You don't need to be an accountant to know how to use QuickBooks Pro. Learn how to manage the finances for your small business yourself with the Windows version of this powerful accounting package. Jess Stratton shows how to create a new company file and back it up on a regular basis, and then set up accounts, taxes, and inventory items. Once your accounts are established, learn how to create estimates and purchase orders, send invoices, receive payments, and print checks—all the day-to-day tasks that keep your business running. Finally, learn to set up your payroll, integrate with online banking, find data and run reports, and close the books with end-of-year preparations.